Thursday, July 29, 2010

Georgia Department of Banking and Finance Takes Possession of Crescent Bank and Trust Company, Jasper, Georgia

The Georgia Department of Banking and Finance (“Department”) took possession of Crescent Bank and Trust Company, Jasper, Georgia on July 23, 2010. The Superior Court of Pickens County issued an Order appointing the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of Crescent Bank and Trust Company.

The Department took possession of Crescent Bank and Trust Company pursuant to the Official Code of Georgia, Section 7-1-150(a) which authorizes the Department in its discretion to take possession of the business and property of any state chartered financial institution whenever such financial institution is either insolvent or operating in an unsafe or unsound condition to transact its business, is operating in violation of any court order, statute, rule or regulation, or requests the Department to take possession of its business and property.

Through an agreement with the FDIC, Crescent Bank and Trust Company will be acquired by Renasant Bank, Tupelo, Mississippi.

All deposit accounts of Crescent Bank and Trust Company have been transferred to Renasant Bank and will be available immediately. Depositors will be able to access their accounts at the former main office and branch locations of Crescent Bank and Trust Company during regular business hours. Additionally, the former depositors of Crescent Bank and Trust Company can continue to access their accounts through automated teller machine transactions, checks and debit transactions.

All deposits will be transferred to Renasant Bank and, therefore, it is not anticipated that there will be any loss exposure to former Crescent Bank and Trust Company depositors that have deposits exceeding the FDIC Deposit Insurance amounts.

The Department’s Commissioner, Robert M. Braswell, reminds depositors that deposits of all Georgia banks are insured by the FDIC up to $250,000. Special rules are in place for accounts held in trust status and joint accounts that may further expand deposit insurance coverage. You can find additional information on FDIC Deposit Insurance at www.fdic.gov.

The FDIC has established a website and a toll-free phone number to answer questions from depositors, creditors and other interested parties regarding the receivership of Crescent Bank and Trust Company. Please refer to the FDIC’s website for further information regarding the details of the purchase and assumption transaction. The website is www.fdic.gov and the toll-free phone number is 1-800-523-8177. The phone number is operational this evening until 9 p.m. Eastern Standard Time, on Saturday from 9 a.m. until 6 p.m. on Sunday from noon to 6 p.m. and thereafter from 8 a.m. to 8 p.m.

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